captain_smollett

NZDUSD. Possible Butterfly pattern

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Another risky setup having only One reference point made

We are approaching a huge resistance zone and a healthy correction should take place here. Divergences set at all timeframes also indicate there should not be many bulls left here...

I believe a retracement would start somewhere at 0.7450 level. Today and tomorrow close will be important: if it closes above 0.75680 at some moment, the pattern is invalidated.

I set a Sell Limit order at 0.7450 with a SL at 0.76 and target 0.66 zone
Trade active: Shorted 0.25 lots
Trade active: Added 0.25 lots at 0.7438
Comment: Developing smoothly! Added 0.25 lots at 0.7324
Comment: Crawling down. All shorts to breakeven. Will close 2/3 of a position once quote hits 0.68
Comment: Advancing really and incredibly slowly...
Comment: Holding a position for 4 months already =(

Comments

Price failed to reach the Median Line and has to re-visit the Hagopian Line (brown). Projected target is in 0.66-0.65 zone



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Looks like it is heading right into the hands of 88.6%

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